Member Info for Yesimabeliever

I would very be interested to hear Kelso’s intentions on their Ingenuity holdings.

“Kelso believes in Ingenuity's model and its long term future and that the demerger will be highly beneficial for Ingenuity, as well as for THG Beauty and MyProtein as the remaining parts of THG. Kelso believes that the value of the two remaining businesses are each worth more than the current market capitalisation of THG”

It can’t be ideal for them as a listed investor to hold shares in illiquid/private Ingenuity. I also note they made no comment on the Ingenuity demerger valuation, in spite of commenting on nutrition and beauty valuations.

@solomon we have no idea what munro/macdonald are up to. Historically MM supporters/shareholders, have they gone rogue/no longer aligned to MM, or are they part of a MM plan B friendly vehicle to bid for Ingenuity if a competitor bid comes in? Or is their interest in other parts of THG?

All speculation, but given their history with THG and the timing it isn’t a huge leap of faith to assume it is THG related. With £7.5m going in it’s not loose change so they appear to have some ambition, plan yet unknown.

Munro/MacDonald involvement with Selkirk is intriguing given their history with THG. Don’t think Selkirk will be bidding on NCC with their expertise/history in retail/ecommerce.

Let’s stop talking about the 65%.

The “diehards” that were happy to put their name in support of the demerger RNS and capital raise were: Sofina, Mark Evans, Sir Terry Leahy, West Coast Capital and Brian Kennedy.

We can add Mike Ashley to the list of supporters, but given the lack of TR1 can assume for now his support is currently only £10m.

QIA and Balderton blanket support is gone

I think the days of MM being able pto reject proposals out of hand are long gone. JMO.

I’m aligned to your thinking OSG. I think it might be Ingenuity Selkirk are interested in.

The wording of the Kelso RNS points towards their first intended investment having a valuation between £25m and £1Billion.

Worth noting that THG BoD put a derisory equity valuation on Ingenuity of £25m pre the proposed demerger working capital injection of £75m.

Things rather quiet at the THG circus currently, hopefully it will liven up with the circular.

I’m aligned to your thinking OSG. I think it might be Ingenuity Selkirk are interested in.

The wording of the Kelso RNS points towards their first intended investment having a valuation between £25m and £1Billion.

Worth noting that THG BoD put a derisory equity valuation on Ingenuity of £25m pre the proposed demerger working capital injection of £75m.

Things rather quiet at the THG circus currently, hopefully it will liven up with the circular.

Sorry accidentally sent.

If that was the price to pay for giving PI’s the opportunity to participate, fair enough. But the Board hasn’t explained why this is a better/fairer route forward vs raising capital into Ingenuity and therefore establishing a proper market price

@1pencil, it may well be that this deal was the fairest, least worst option.

It is perfectly fair to PI’s who take up the pro rata. Not being in an ISA isn’t perfect, but that is the cost to PI’s of ingenuity going private.

It doesn’t look fair to exiting Ingenuity shareholders due lack of a transparent valuation.

If that is the necessary price to pay for giving PI’s at least the opportunity

The Board haven’t really explained

Thanks

Can you share detail Yorek? I don’t subscribe to times but interested

6.5:1

@oohahh, yes I was struggling to get my head around why Munro/MacDonald would go rogue on MM and bid via Selkirk. RNS certainly read to me like it was Ingenuity they were referring to 🤷‍♂️ . Guess AIM ok with a consortia of backers. Like you say, could be plan B

What did you make of Kelso RNS oohaah?

What’s your view luxs?

It’s not entirely making sense to me this? Do we think MacDonald and Munro have gone rogue on MM?

Makes a nice change from plummeting 😂 😂

Didn’t munro by a slug of shares in Kelso last year, similar time to MM. Assumption was it was in support of MM?

Agreed OSG wording of Kelso RNS intriguing, as are the individuals involved.

#THGcircus

Complex Q spareribbish. Don’t know the detail, but HMRC have cleared whatever they’ve done so looks like it is happening. Plc is getting about 3 years worth of Corp Tax relief as per Rothwell on the analyst call, so will at least have some benefit to pay off debt/divis/buybacks

Most of the tax losses in ingenuity. Remainco will have enough for about 3 years of Corp tax as per the call